Tired of reporting on the Net bust, some reporters stopped looking for the bottom this weekend and looked hard to find silver linings among this storm's clouds.
In the New York Times, Matt Richtel did a little housecleaning to sweep away any new-economy dust bunnies lying around. He poked fun at a few myths that were accepted as common wisdom back in 1999 (online grocery shopping is going to be big, a startup's value should be based on market share rather than earnings), but his column comes a year late to deliver any surprises. Well, maybe just one: Net gambling will be twice as big as once thought. At least online casinos are honest about the chances of winning.
At the Washington Post, Neil Irwin reminded readers that not everyone is out of money, but some are throwing in the towel anyway. He profiled three dot-coms that were left scratching their heads when they realized they had plenty of cash but no way to reach their goals. School-supply retailer Varsity Group, e-mail marketer LifeMinders and custom CD service MusicMaker each had millions in the bank when they decided to bail. Varsity scaled back and changed its model, LifeMinders put itself up for sale, and MusicMaker is auctioning its assets, preparing to pay back investors – a move that should earn it a star on the Venture Capitalism Walk of Fame.
Finally, at ground zero in Silicon Valley, the San Jose Mercury News' Tracy Seipel found bargains galore for those still employed and looking for a deal. From cheap meals at San Jose's finest eateries to better access at San Francisco's coziest kennels, the pinch is making life a little easier. Best of all, the nanny cartel appears to have been broken. Lauren Francis, co-owner of Town and Country Resources in Palo Alto, told Seipel that it's a buyers' market for babysitters: "If you were to hire a part-time nanny now, you could find one for $15 to $18 an hour. If you were looking a year ago, it was $18 to $23 an hour ... the nannies are being more flexible." On wages, perhaps, but let's hold firm on that 8:30 bedtime.
Backslash: Ignore What We Said Earlier
New York Times
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When All That's Left Is Money
Washington Post
Downturn brings bargains, for those who still have a job
San Jose Mercury News
